Residential Real Estate
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AUGUST 5-11, 2016 HOUSTON BUSINESS JOURNAL 33A BUSINESS MARKETPLACE DISTINCTIVE EMPLOYMENT XXXXXXXXX XXXXXXXXX PROPERTIES The Houston Business Journal 2161 Hartfield Road Gives You Access to REAL ESTATE Some of Houston’s Most BRIDGE LOANS AffluentHome Owners. %* of HBJ readers 78 earn over $100,000 Direct Private Lender * Close in 7 days 56% are millionaires To market your listings to this select Round Top, TX country home with relaxing views of group of prospects...call pond. 1bd/1ba apt. above finished-out 3-car garage on Equity Secured Capital 10 wooded acres. TxLS #91175 $729,000 www.equitysecured.com Nancy Brown 713-395-9618 Frank Hillbolt 512-732-8338 Realtor Associate 979-249-6402 [email protected] * Readex Research 2011 ROUNDTOPREALESTATE.COM SPECIAL REPORT RESIDENTIAL REAL ESTATE FEBRUARY 12-18, 2016 HOUSTON BUSINESS JOURNAL 11C MASTER PLANNED COMMUNITIES This Special Report looks at Houston’s booming Master Planned Community sector of FULL residential real estate. The report will include an overview of leading builder trends, custom PAGE amenities and homebuyer profiles. Reach the kind of well-informed readers the Houston Business Journal attracts. Reserve space now in HBJ’s Special Section on Master Planned Communities. Space is limited. Reserve yours now. AD SIZES The Houston Business Journal – Houston’s leading voice for business news. 2C HOUSTON BUSINESS JOURNAL FEBRUARY 12-18, 2016 FEBRUARY 12-18, 2016 HOUSTON BUSINESS JOURNAL 3C SPECIAL REPORT SPECIAL REPORT Luxury real estate auctions are nothing “Residential luxury real estate is a Platinum Luxury Auctions’ last auction like the livestock auctions at the Hous- was a property in Parkland, Florida. The ton Rodeo. Think more fine art auctions, competitive and cluttered market where mansion’s original asking price was $3.25 where a handful of interested buyers it’s hard for properties to stand out.” million. Bids started at $2.25 million, and make ever increasing bids on a magnifi- the property ultimately sold for nearly $2.5 cent home. TRAYOR LESNOCK, million. GOING ONCE, GOING TWICE... For Platinum Luxury Auctions, the President, Platinum Luxury Auctions For Danny and Marian Spence, who are auction process starts five to seven weeks looking to downsize to a more manage- HOUSTON HOMEOWNERS TURN TO AUCTIONS TO SELL LUXURY HOMES in advance of the auction date. A compa- Ashcroft said. home, he added. able property as they get older, the auc- ny representive comes out to the proper- It’s hard to sell a property of DanMar “The sheer size can be a challenge,” Les- tion process will represent a swift closure ty and begins marketing the property and Manor’s size, Lesnock said. Many retiring nock said. “These days, people are seeking to a long, five-year wait. BY PAUL TAKAHASHI | [email protected] | 713-395-9635 | @HBJPAUL hosting consultations and tours. Typical- Baby Boomers are looking to downsize smaller, feature-packed homes instead of “The sellers are in their 70s now,” Cole- ly, a luxury home receives roughly 200 their home, not upsize. Fewer millionaire immense homes.” man said. “They don’t get around as much s Houston’s luxury mar- inquiries, which are winnowed down to Millennials and Gen Xers are interested Lesnock believes auctions can help sell as they used to. They’re ready to sell.” ket cools, some home- a handful of bidders — usually between in the upkeep that’s required of an estate homes despite these challenges. owners are turning to The DanMar Manor four and nine buyers by the auction date. an old-school method measures 30,000 square Platinum Luxury Auctions likes to host MASTER PLANNED COMMUNITIES to sell their high-end feet. It was at one point its private auctions in the living room of homes. listed for $19 million. the property, where prospective buyers, Danny Spence, a retired oil executive, their families and appointed representa- and his wife, Marian Spence, initially put tives can look around and see how other their Woodlands estate on the market in buyers react to competing bids. 2010, listing their 30,000-square-foot The company creates an upscale envi- mansion for $19 million. ronment with red carpets, velvet rope and DanMar Manor, named after Danny flowing champagne to match the multi- and Marian, received three solid offers, all million-dollar purchase that’s about to from foreign buyers. Marian’s sister, Debbie take place. However, the firm also wants Coleman, a Realtor with Coleman Realty, buyers to get comfortable, so it sets out worked for a year with one of the buyers, plush couches and hosts a brief charity who was getting ready to close on the prop- auction — auctioning off a bottle of Dom erty when he passed away. Perignon for a local philanthropy — to ease After more than five years on the mar- buyers into the bidding process. ket, the Spence family decided it was time “We want to create an environment for a new method to sell their estate. where buyers want to open up their wal- Enter Platinum Luxury Auctions, a lux- lets,” Lesnock said. AD PRICING ury real estate auction firm that specializ- The auction can take just 15 minutes or es in marketing and auctioning off non- as long as half an hour. Buyers can bid in distressed, multimillion dollar properties person at the auction, or bid remotely via around the world. The Miami-based com- a telephone call to a representative with pany, which has 13 employees, auctions off power of attorney in the room. between 25 and 30 homes a year. The firm Interested buyers must put down a will auction off DanMar Manor, its largest refundable minimum of $500,000 to par- property by square footage, on Feb. 20 at a ticipate in the auction. Whoever posts the starting bid of $6 million — a whopping 68 highest bid pays a 10 percent bidders pre- percent discount. mium to the auctioneer, who will use a “There aren’t a lot of buyers for a proper- portion of that money to pay the buyer’s ty this size,” Coleman said. “These auctions agent. The seller pays the listing agent. ISLAND have become a popular way to move luxury Buyers can conduct an inspection of COURTESY FULL PAGE AD ................. $3,900 properties these days. Buyers can feel like the property before and after the auc - they can get a good deal.” R CLOSER LOOK tion, but few rarely do. Instead, most buy- ers have an architect or general contractor R Pool with a pool house that has a full kitchen and bathroom AUCTION TRACTION DANMAR MANOR walk the property. Ultimately, if the home R Office with a first-floor waiting room and library and second- Trayor Lesnock, president of Platinum Lux- Location: 88 West Grand Regency Circle, in The Woodlands goes to auction, buyers must accept the floor office and negotiation room ury Auctions, has been in the auction busi- Size: 30,000 square feet, the largest home in Carlton Woods property as is. R Wine cellar AD ness for a decade. When he started, there Lot: 4.2 acres Ultimately, as much as a quarter of lux- R Parlor with full bar, gaming area and lounge were few auction houses working in resi- Builder: Jarett Spence, of CJM Custom Homes ury properties don’t make it to auction. R Home theater with a Hollywood marquee entrance dential real estate. Today, there are between Listing agent: Debbie Coleman, of Coleman Real Estate They’re scooped up by buyers who don’t R 1950’s-style diner and concession area two and five other companies competing in Features: want to risk losing the property at auc- every market, including Houston. R 2 three-car garages tion, so they bid high and early, Lesnock R 8 bedrooms, including a 3,000-square-foot master suite with a ISLAND AD .........................$3,315 “Auctions have certainly become more R 28 crystal chandeliers said. sitting lounge with fireplace, his-and-hers showers and closets, To see more R prevalent than it has been in the past,” Les- and a fitness room with a private salon 2,200 light bulbs " pictures of the nock said. “The number of operators has R 13 full and 5 half-bathrooms Appraised value (2015): $5.3 million DanMar Manor, go THE SALE Contact: increased; that’s unequivocal.” R 5 full kitchens and 4 kitchenettes List price: $15 million to HoustonBusiness Auctions bring out buyers from all walks Journal.com Auctions have several advantages over R 7,000 square feet of terraces and balconies Annual property taxes: $132,000 of life, said David Ashcroft, Platinum Lux- selling a home the traditional way, Les- R 2 guest suites with their own private kitchen and bathroom Annual utility bill: $30,000 ury Auctions’ corporate liaison and busi- nock said. ness development. Selling a luxury home through listings, In the month or so that DanMar Man- open houses and online marketing takes ages them to sit and wait on a potential sell their homes aren’t foolishly auctioning expeditious and effective way to sell their or has been set for auction, the estate has time. In Houston, a home listed at $1 mil- purchase, Lesnock said. off their homes, Lesnock said. These sell- home,” Lesnock said. “Residential lux- received more than 50 inquiries from buy- lion or more spends an average of 78 days The auction process shortens that wait- ers are typically wealthy individuals who ury real estate is a competitive and clut- ers in Houston and as far away as Russia. HALF PAGE AD ................. $2,865 on the market, about a month longer than ing time by creating a deadline that incen- don’t need to, but want to sell their homes, tered market where it’s hard for proper- “Auctions are great at shaking the tree the typical home.